Revision u/s 263 - Cash payments towards purchase of capital ...

Case Laws Income Tax

June 16, 2023

Revision u/s 263 - Cash payments towards purchase of capital goods - Violation of the provisions of section 40A(3) - PCIT himself could have examined the impugned transactions and if he had done so, he would have come to know that the payments have been made for purchase of capital goods and disallowance could not have been made u/s 40A(3) of the Act as per the CBDT Circular - Additions deleted - AT

View Source

← Previous Next →

Revision u/s 263 - Cash payments towards purchase of capital ...

Case Laws Income Tax

June 16, 2023

You may also like:

Revision u/s 263 by CIT - cash payment made for purchase of old gold jewellery - Actually the assessee has not made any purchases in cash in alleged transactions and...

Revision u/s 263 - unexplained cash deposit during the demonization period - The tribunal noted that the AO had conducted an adequate inquiry into the assessee's cash...

Revision u/s 263 - assessee has made purchases in cash - when the learned assessing officer was not required to enquire on those issues such as purchases in cash more...

Revision u/s 263 - bogus liability towards purchases - payment in expenditure cash during the next year - The implications, if any, in respect of discharge of liability...

Bogus purchase - The supplier parties to whom cheque payments were made for purchases booked in books of account, returns the corresponding cash back to the assessee...

Revision u/s 263 by CIT - As per CIT there is violation of section 40A(3) not considered by AO - if all such vouchers reflecting cash payment to a single party/creditor...

Validity of Revision u/s 263 - PCIT was of the view that the cash withdrawn was utilised to purchase inventory - if the AO did not bring to tax the amount which was...

Disallowance of cash payments u/s 40A(3) - making additions by invoking the provisions of section 40A(3) of the Act amounts to double additions which is not permissible...

Revision u/s 263 - Non Verification of cash deposits and purchase of property - The order u/s 263 passed by the ld. PCIT dwelled into the issue of “re-computation of...

Cenvat credit claims on spare parts considered as capital goods were rejected u/ss 11B and 12B of the Cenvat Excise Act. As per the definition of "Inputs" in Rule 2(k)...

Revision u/s 263 - the ld PCIT had invoked revision jurisdiction u/s 263 of the Act on the very same point of allowability of LTCL. Hence it could be safely concluded...

Revision u/s 263 - taxability of cash transactions - entire explained cash transaction should not be brought to tax - AO not erred in applying the GP rate of 19.40%...

Revision u/s 263 - bogus purchases - documents like invoices, given details of stocks, payments through the banking channels and confirmation from parties examined by AO...

Revision u/s 263 - violation of the provisions of section 40A(3) - CIT is not justified in invoking jurisdiction u/s 263 on the strength of an audit note - AT

Revision u/s 263 - When the ld. Commissioner issued a show cause notice under section 263 and ultimately passed impugned order; by that time the alleged domestic...

Quick Updates: